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Technical View on Our Top Pairs This Week

AUDBearish
NZDBullish
USDBullish
GoldBullish

AUD/NZD

Candles look like they're creating a wedge on the 4H chart. Signs show that the next few candles want to come up to test the falling trend line. 14-Day RSI hit all the way up to 83 before coming down last week, and it seems like the downtrend is likely to continue with the lower highs and lows that have been showing up on this time frame.

USD/JPY

UJ on the daily taking the opposite approach of AUDNZD as higher highs are created. The long term downtrend may show that the 200 day moving average will contribute to some considerable resistance. It may also respect that falling trend line starting from March earlier this year. USD did see a rally today, so we are thinking that the movement is going to continue for now.

Gold

Gold on the 4H chart looks to be coming back down to support in the low 1900s with that 200 period moving average which price has been respecting thus far. Gold on its way to make a third test of the moving average, so a critical direction point is going to be decided soon. 14-Day RSI (not the RSI shown on the chart above) came down to 50 since new highs suggesting that price could move in either direction now.


Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

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DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here

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